Life Insurance 101
What does life insurance cost?
Cost varies widely with your age, health, the type of policy, and the coverage amount. Here's how those pieces fit together.
What drives your premium
- Age: the younger you are, the lower your premium — younger applicants are lower risk;
- Health: good health means lower premiums; chronic conditions or smoking raise them;
- Policy type: term is generally more affordable than permanent, which adds lifelong coverage and cash value;
- Coverage amount: a larger death benefit means a higher premium.
A sense of the numbers
A healthy 30-year-old can buy a $250,000, 20-year term policy for as little as around $13 per month. More generally, term coverage for a healthy person often runs $10–$30 per month for smaller amounts at younger ages, while permanent coverage typically starts around $100 per month and rises with the policy type, amount, and health.
Worth remembering: good health means you pay less, while conditions like high blood pressure, diabetes, or smoking raise premiums. Even in less-than-ideal health, coverage is usually still available — just at a higher rate.
Figures are general illustrations only. Actual premiums depend on the carrier, product, and your individual profile, and are confirmed at the time of application.
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